Podcasting is simply distributing audio content using RSS (really simple syndication) and is a 4-step process:
1. Create an mp3 file which will become your podcast
2. Upload the mp3 file to the Internet
3. Assign an RSS feed to the mp3 location using software like feedforall for 39.95
4. promote your RSS feed of the mp3 file through one of these podcast submission services (iTunes would be the most popular choice).
But, WordPress contains a built-in RSS feeder so the process is similar (SEE http://codex.wordpress.org/Podcasting), but listeners would have to subscribe to the RSS feed:
1. Create audio or video that you want to share (usually MP3 or MP4)
2. Upload the file to a server
3. Link to the file in a post in your weblog
4. WordPress automatically Includes a link to the file in your RSS/Atom feed
5. Listeners “subscribe” with podcast client application to your RSS/Atom feed and download new files automatically.
There is also a plugin for WordPress called PodPress: which helps you add detailed information about the MP3 which podcast submission sites might want or
ask for.
Good Luck!